The UK Gambling Commission was investigating Gamesys over a period of two years and has finally made a conclusion and released its findings. In the findings, it is clearly stated that the operator has breached the money laundering regulations and the rules for protecting players from gambling-related harms, the two most important rules in gambling.
The operator should now pay the UK Gambling Commission £1.2 million, £690,000 as a financial penalty and £460,472 of the stolen money that certain players used to gamble in one of its brands.
£1.2 Million Fine Issued to Gamesys
As the UK regulator explained it, Gamesys (Gibraltar) Limited breached money laundering regulations, by letting three individuals spend stolen money with one of its brands, without establishing where the money came from. In addition, it failed to notice and deliver interaction with players who indicated problem gambling, therefore, failed to prevent gambling-related harms.
The outset of the investigation was in 2014 when the UK Gambling Commission started looking on three Gamesys’ players which were the subject of police investigations at the time. The period of the entire investigation lasted from 2014 until 2016, and the regulator established that the money these three individuals stole was spent on gambling with Gamesys.
The operator, as the UK Gambling Commission informed, acknowledged its shortcomings and accepted that it had failed to ensure that players are protected from gambling-related harms. The regulator said that Gamesys was fully cooperative and accepts the regulatory settlement.
The money stolen from the victims will now be returned, £460,472 in total, and Gamesys will additionally have to pay the UK Gambling Commission £690,000 as a financial penalty for the breaches. As the regulator pointed out, the money will be spent on accelerating the delivery of the recently published National Strategy to Reduce Gambling Harms.
UK Gambling Commission’s Statement on the Matter
UK Gambling Commission’s Executive Director Richard Watson explained that it was vital that all licensed operators understood their players and tracked their online gambling habits and intervened quickly in cases where they suspected an individual was suffering from some sort of gambling harm.
He added that these were the key processes and steps that would ensure operators meet both their social responsibility and anti-money laundering obligations for all of their players. Saying that Gamesys’s actions resulted in several failings, Watson finished his statement, emphasizing the fact that the operator allowed stolen money flowing through the business, putting players at risk of gambling-related harm.